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Exactly, and I can't see why the charts shouldn't look like this. Saving money is a luxury, it's a good thing to do if you can afford it and if you're saving yo

Exactly, and I can't see why the charts shouldn't look like this. Saving money is a luxury, it's a good thing to do if you can afford it and if you're saving your money for something worthwhile. What's important is that people are living the lives they want to be living, and I'm sure that's possible without lots of savings (although wealth could probably help). Most people like to spend money now instead of later though, and the charts reflect that. It's as simple as time preference.

kiba 16y ago
All things being equal, human beings prefer an object now instead of an object in the future.
Benjo 16y ago
The problem is the distorting effect that wealth has on equal representation in a democracy.
jellicle 16y ago
You're absolutely right, the reason why people earning $10K/year aren't millionaires is because they just aren't saving properly. {shakes head sadly}
- zacharypinter 16y ago
  There's probably an interesting correlation-vs-causation discussion somewhere beween the poor and the wealthy. Are the poor not saving because they don't have any money to save (probably an easy argument for the very poor)? Or is it that people are poor because they don't save (or rather, because they are poor at managing their finances)? There's plenty of examples of people that win the lottery, only to spend it all within a few years and be back to where they started.
billybob 16y ago
Saving money is not a luxury. It's completely irrational not to save unless you are truly destitute. Put it this way: you have a car. Sooner or later it will break. Are you preparing for that? Are you setting aside money to repair and replace it - money that earns you interest while it builds up? Or are you borrowing money and spending all your money on payments, risking that you won't be able to pay rent if your transmission breaks? OK, if you make minimum wage, this is hard to get out of. But it's possible. Can you live with your mom? Can you drive a worse car? If you can get that thing paid off and get ahead of the debt, get some savings going, you'll be on a moving sidewalk to better finances, less stress and unhappiness, etc. If you're spending everything on a payment, you're on a treadmill pushing you toward bankruptcy. Yes, it's hard to make do with a small income. But saving is something that really, almost anybody can and should do. Liking to spend money NOW should not overrule our desire not to be thrown out in the cold next month, or our desire to sleep peacefully. There must be a balance, and all but the most destitute can do this. By which I mean "half a cup of rice a day."

kiba 16y ago

All things being equal, human beings prefer an object now instead of an object in the future.

Benjo 16y ago

The problem is the distorting effect that wealth has on equal representation in a democracy.

jellicle 16y ago

You're absolutely right, the reason why people earning $10K/year aren't millionaires is because they just aren't saving properly. {shakes head sadly}

zacharypinter 16y ago
There's probably an interesting correlation-vs-causation discussion somewhere beween the poor and the wealthy. Are the poor not saving because they don't have any money to save (probably an easy argument for the very poor)? Or is it that people are poor because they don't save (or rather, because they are poor at managing their finances)? There's plenty of examples of people that win the lottery, only to spend it all within a few years and be back to where they started.

billybob 16y ago

Saving money is not a luxury. It's completely irrational not to save unless you are truly destitute. Put it this way: you have a car. Sooner or later it will break. Are you preparing for that? Are you setting aside money to repair and replace it - money that earns you interest while it builds up? Or are you borrowing money and spending all your money on payments, risking that you won't be able to pay rent if your transmission breaks? OK, if you make minimum wage, this is hard to get out of. But it's possible. Can you live with your mom? Can you drive a worse car? If you can get that thing paid off and get ahead of the debt, get some savings going, you'll be on a moving sidewalk to better finances, less stress and unhappiness, etc. If you're spending everything on a payment, you're on a treadmill pushing you toward bankruptcy. Yes, it's hard to make do with a small income. But saving is something that really, almost anybody can and should do. Liking to spend money NOW should not overrule our desire not to be thrown out in the cold next month, or our desire to sleep peacefully. There must be a balance, and all but the most destitute can do this. By which I mean "half a cup of rice a day."